Ans T LO 6 Bloom K Difficulty Moderate Min 1 AACSB Analytic AICPA BB None AICPA

Ans t lo 6 bloom k difficulty moderate min 1 aacsb

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Ans: T, LO: 6, Bloom: K, Difficulty: Moderate, Min: 1, AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None 19. Comprehensive income includes all changes in equity during a period except those resulting from distributions to owners. Ans: F, LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None 4 - 7
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Test Bank for Intermediate Accounting, Sixteenth Edition 20. The components of other comprehensive income can be reported in the statement of comprehensive income. Ans: T, LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting, IFRS: None True False Answers— Conceptual Item Ans. Item Ans. Item Ans. Item Ans. 1. T 6. T 11. T 16. F 2. F 7. T 12. T 17. T 3. F 8. F 13. F 18. T 4. T 9. T 14. T 19. F 5. T 10. F 15. T 20. T MULTIPLE CHOICE —Conceptual 21.The major elements of the income statement are a.revenue, cost of goods sold, selling expenses, and general expense.b.operating section, nonoperating section, discontinued operations, and cumulativeeffect.c.revenues, expenses, gains, and losses.d.revenues, irregular items, and general expenses.Ans: C, LO: 2, Bloom: K, Difficulty: Easy, Min: 2, AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting,IFRS: None 22.Which of the following is not true about the information provided in the income statement? 23.Which of the following is false about an income statement? S 24.Which of the following would represent the least likely use of an income statementprepared for a business enterprise? 4 - 8
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